The Sun. — London, England, 1826-02-28 00:00:00

/mint of their issues in the hands of Commissioners either in the office of the Exchequer or in other proper offices. The CHANCELLOR of the EXCHEQUER confessed he .dirt not feel at all disposed to engraft the suggestion of the lon. Member upon this Bill, as he considered the Bill at va riance with any such suggestion. - The Bill was altogether a temporary measure, butthe Hon. Member wished,it would seem, • to treat it us a permanent measure. That Hon. Mertiber was de. sirons first of keeping the one pound Bank notes In circulation ; and next to support the value of the paper cureacy, by requir ing deposits in the hands of the Exchequer to its amount.— Without inquiring further into this mixed proposition at •pre. sent, he should merely observe, that the House had already decided that the continuanceof one pound notes was highly pre. judicial to - the public. He hoped very coatidently that after such a decision the House would not assent to this alteration in the plan propoeed by him for meeting the pressure of the pre sent period: • was perhaps true that the system of our coun try banking wam defective or vicious, but it was not to be er gued thence, that we were to have no fixed system or principle. The' mere circumstance of the investing the deposits with the treasury was in itself objectionable. For his part, as a part of that Board, he should be indisposed to such investments there tit ails and, in point of .fact, healid not think it fair to require that vim ntry bankers should deposit securities in the Exchequer equal . in value to the tunount of their respective issues of notes. These hankers had two sorts of customm-; the one repaired to them to get their notes discounted—the other, to deposit their pro. party for seettrity ; and certainly, if a different or higher sort .offsecurity ought to be given or one customer over the other, it ottght not to be the former class. It was no longer doubted that country banks were good and desirable in many respects ; :bu n t if' the principle were to be followed as recommended by the Hon. Member, it was tolerably clear that few country titmice • would be established. If die Legislature were, for instance, to determine to allow the establishment of chartered banks with a limited responsibility, then possibly some deposits might be Omitted because the parties were asking a favour ; but in other eases, where no favour was asked, no respectable persons would in order 'to obtain the profits arising out of' such Banks ac quiesce in the regulation for locking up in this way their property as deposits in the Exchequer. As the Honourable Illeirthe•r had proposed this not as an amendment, but rather as a substitute. he shotild oppose the *notion for an instruction to this eff..et to the Comniittee„ because he felt it would unne cessarily limit the capitals of Country Banks, and cramp the assistance and convenience of the public which they had hitherto ..affbrded. SYKES could not agree in the arguments of his Hon. Friend. ftc w a s sorry, for his part, that the Government had at7itated the. question, but since - it had been agitated, he be lieved the other step must be taken as a matter of course. The proposi;;,en of his Hun. Friend, , if acted on, - would totally sap the respCetabilityof the banking system, for what respectable • man would submit his property and hicaccounts to the custody of third parties, who could not have any-right to interfere in his •• concerns Mr. HOBIIOUSE said, he could not-see that any person in - that ifinise who had supported the proposition of the Chancel lor of the Exchequer on a former night, must therefore feel in disposed to support the instruction now proposed by his lion. Friend. They were not Incompatible one with the other.— The country bankers were, in point of fact, 7tite manufacturers .• of the coin of the country, as far as respected the currency in country hunk notes. There could be no hardship then, in compelling them to give those more valid securities, which the public did not require of other persons in trade.. Did not, however, the Bank of . England give the public an as., surance of security to the full amount of their issues? Ile, objected to the practice of' rummy bankers, as had been proved, choosing to extend their issues when corn bore a high. price.— That should be the signal to diminish, instead of increase them. Here there was a vital injury done to the currency, anti a ten. chnicy created in a great part of society to speculate and over. trade. The propose instruction to the Committee was per. reedy in accordance with the recommendation of a late dis tinguished and enlightehed Member, now no more (Mr. canto), who strongly supported the project of making bankers vest in the Exchequer adequate securities for the notes they issued. The business ore banker was In itself highly lucrative, and it was fit they should be restrained from speculating be yond their legitimate business.. Nor would it be improper to re. quire a disclosnre of their assets for the benefit of their cre ditors, as they were the only money manufacturers in the coun try parts of England. In tact it was high time they should be entirely deprived of' this power of manufacturing money, which ought alone to be vested in the Bank of England ; and t'or these reasons he should support the instruction to the Com. mittee.. Mr. HUSKISSON rose to correct a misconception as to the sentiments attributed to hint, on a late occasion, in a debate on the subject of the currency. On that occasion he had made an allusion ton bank at Horsham where there was but one bank at that period, which failed, an d oceasioned great distress in the neighbouring part of the countryy. • • IViieu the shock subsided., and was nearly forgotten, w hi c h was not l ong a f ter ,. a second bank was established in that town, and this also gave way, and . became bankrupt in the late serious diffieultiee, too generally experienced. According to the statement of one of the vehicles which convey to the pu blic sentiments delivered in that House, the bank of [lull was stated as thut to which he alluded, though Bull had a large tratlealuirriany . banking eillablialmalts. The . banking houses at Bull were anxtous to remove this impreesion, and he lied bean written to by the Mayor ot' Hull on the subject, to whom he promptly expininetrthenature of die misrepretton. tation. .tat to the question more immediately before them, he. could not see how the: lion; Member for-Westminster could, in consistency with his hue vote, support the proposed instruction to the Couunitiee. lie had never yet stated, nor was it likely he ever should he so silly as to state, that issuing a bill for 10 or 201. • was an interference with the prerogative of the Crown ; but he certainly thought that .putting forth 11. notes as the re, presentative of motley, or cash, was such an interference to that extent. There was no doubt there WAS a great deal of difficulty arid distress experienced In obtaining the means of carrying on trade, if 110 t of obtaining a livelihood at present; nor was it very clear how these Banks could counteract the evil. One of the consequences of such a measure as founding Deposit Banks would be, diet in all cases of pressure these deposits would be withdrawn. Again, would not the depositor of money at these Country Banks require, and in reason require, as extensive a security for his money ns the mere holder of Country Bank notes? In truth, the principle if acted on would diminish the security of the man who ought to have the more valid secu rity, and increase the security of' the pertain who was least enti tled to it. For his own part, he wished sincerely the Charter of the Bank of England were further relaxed, and that they could be induced to permit the establishment of chartered banks, with a limited responsibility. Ile should hail it as an earnest of an improved state of' credit. It was not to be perhaps. ex pected the Bank of England would at present make the can. cession, but sooner or l ater it wou ld arrive. As for the propo sition of the Hon. Member, he was sincerely of opinion, that were the House to a g r ee to give • this instruction to the Com. mittee this night, our difficulties and embarrassments would be greatly increased and aggravated to-morrow. .. Mr. Il.01311:ktl'iiON contended that although this.country ct ul I boast only of a much less population than France, still, in consequence of its very extensive commercial and manufac turing transactions, it would require an equally extensive cur rency. lie feared the House was proceeding with too much baste in passing the present Act on very imperfect infomutdon, anti he .said he must once more intreat and implore Ministers to pause before they reduced their dangerous theoriea into practice. Mr. LESTER was too favourably disposed to the present Bill ever to permit him to suppose that it would be merely tem porary. He had always entertained a strong objection to the country 51. notes not being convertible or made payable at the place whence they were originally issued. He hoped the Bight Hon. Gentlemen opposite would resist the importunate demand Lade on them for their assistance by an issue of Exchequer Bills. Mr. NONCE concurred in the opinion laid down by the Hon. Mentber for Hull. it was impossible that a metallic and a paper currency could go on together simultaneously. The present imperfect system bad a direct tendency to increase the constant fluctuation of prices. The very Act of the 17th of kieorge 111., which. this was intended to revive, and which was a wholesome measute, was a temporary measure; but it was found- to be desirable, and was subsequently rendered perma nent. As to many eases of Bankers lately beCome bankrupt, they were known now to be little better than elutes of' mind ; and it became Government, therefore, to guard the public from depredations like these being again committed upon the isokocent and industrious part of the community. The first step towards this would be the establishment of the currency on at safe and invariable basis; and the next would be accom plished by rendering the Country Bankers liable to a regula tion of this kind, for the security of their creditors.. M.IIIAHERIN hoped that his Hon. Friend would yield to the suggestion,, of many of his friends t h a t eve ni ng , an d with draw his motion for an instruction. The motion would have the effect of sanctioning the ;nuclide of giving one set of ere „ditors of Hankins a preference above another. Mr. HUME replied.. The House then. divided, when there appeared for 311 r. ___,BumE's motion, For instruction to the Committee - Against it -.- • - - 120 Majority - - Mr. H u NE'S motion was consequently lost. On our return. -.to the gallery, The CHANCELLOI . of the EXCHEQUER was stating his objections to a clause, the insertion of which had been ~ moved, as we u nderstood, by Mr.illaberly, tocompel the Bank do return a mo nthly account to the stamp Office. of the total , 11nnount of its notes ia circulation . Right Hon. Gentle- man had no objection to publicity, but did not think the If ous had a right to call upon the Bank as a matter of course to ren der a regular systematic and compulsory*ccount of its issues. He on that ground thought the proposition objectionable. The Bill had ;provided for periodical returns of the one pound notes, ' because that had been considered a case of exception, inasmuch as the power continued to the Bank to issue that description of currency with a peculiar and exclusive power. Mr. MA BERLY expressed his surprise at the nature of the objection. The Bill interfered with the rights of private bankers held under an existing Act of Parliament, and the protection of the public, was a sufficient ground for such interference, but he was at a loss to know why greater tenderness should be shewn to the Bank of England. He went on to deprecate a system of secresy, and quoted . the authority of Mr. Tooke in support of his conclusion, that every institution whose opera. tions could materially affect the public, ought to be under public inspection. The Bank Directors held in their hands II power which was most dangerous if not effectually commuted, that of causing a fluctuation in the value of every description of property by the contraction or extension of their issues. The issues of the Bank had been, he thought, sufficient; nothing but urgent necessity ought to have led Ministers to urge the increase which had recently taken place by the purchase of Exchequer Bills. If the foreign exchanged should become unfavourable, this extension might be productive of serious inconvenience. ' Mr. HERRlEsdid,not know that the Bank of England en. tertained any objection to the publicity which was the object of the clause. His first objection to it was, that it was a clause which had no relation to the nature or object of the Bill. The Bill was simply to do away with 11. and 21. notes. He thought it alway s expedient to keep every measure as simple as possible, as nothing was productive of greater inconvenience than com plexity of legislation. If the clause might be introduced, why not any other conceivable regulation or proposition as to the conduct of the Bask ? When were they to stop ? The Hon. Member for Montrose had also several objects in view, all of which he imagined might be advantageously blended with the present measure. He lied another objection to the clause. It was admitted that the amount of Bank of England notes was not a criterion of excess or deficiency of the circulating medium. It was at best only an indication. It would therefore, he thought, be dangerous to inspire confidence or beget apprehension by statements which, in themselves, would not itffietd a good ground for either unless combined with something else. Ima gine, for instance, the alarm whieh would be occasioned if an unfavourable state of the exchanges concurred with a great and unusual amount of Bank notes in circulation. The irregularity of the clause as a part of the present Bill was a sufficient ob, - jection to it, but he should always oppose the object it had in view, in whatever form the object might be pursued. Mr. CALCRA FT did not see the impropriety of calling for general accounts of Bank issues, as the Bill already compelled the , - id At the time of the Bullion Committee the Directors stated the principle upon which they regulated their issues to be the de mand of the mercantile body for discount. This principle had been succeeded by one still more dangerous, The demands of the Government seemed now to be the regulation of its conduct. The Hon. Gentleman here entered at considerable length into a detail of the transactions between the Government and the Bank, and computed the present advance of the Bank at the sum of 26,480,0001. He spoke also of the advances upon mort gage, and charged the Bank with having deviated from the principles of banking. Ile drew a gloomy picture of the pro bable situation of the country in consequence of this deviation, and anticipated another stoppage of payment 1* the exchanges' should turn against us, or it an y political culties should ab arise. It had been said that the p resent w a propesi.tilne for the introduction of the clau se , b ut h e d espa i re d of ever find ing a proper time for the introduction of any thing which was disagreeable to Ministers. The same excuse bud been madeon his attempt to procure an annual balance sheet from the Audit Office, and the House was at last indebted to a decision of the Speaker for the possession of that important document. Mr. PEA liSt.: vindicated the conduct of the Bank. lie objected to periodical publications of the amount of their Issues solely on account of the public. The proprietors of Bank stock consisted generally of merchtints of great experience and intelli gence, and this body had considerably re f use d to call upon the Directors for disclosures, from an apprehension of the mis chief which the publicity of their proceedings might produce. Mr. IRVING deemed the arguments of the last speaker con elusive as to the evils which this clause would create. Ile de fended the transactions between Government and the Bank, and insisted that Exchequer Bills were the best basis on which the circulation furnished by the Bank could rest. The CHANCELIANt of the EXCHEQUER objected to the introduction of extraneous matter. It was not now neces sary to discuss the whole conduct of the Bank. Sir J. NEWPORT supported the clause, as conducive to public confidence. Mr. MANNING should not have objected to the clause, if parliamentary ground had been laid for it. But whatever might be his individual feeling, It was impossible for him to give any assent to a proposition which could only be acceded to by the Directors as a body. Mr. MA BERLY said, that at that hour, and anticipating, as he did, what would be the issue, he would not press the clause to a division. The question was then put, and the clause ne ga ti ve d w i t h out a division. Mr. CALCRAFT inquired whether the Bankers who had stamps in their possession, which they had obtained previous to the sth February, and were now restricted from employing, were not to be repaid for their stamps ? The CHANCELLOR of the EXCHEQUER replied, that the law as it now stood entitled theni to this repayment. M. Yet it must be taken to betray, in a certain degree, the animus 1 of the speaker. As had been observed by the Hon. and Learned Member for Caine, there was a great difference between the circumstances which existed now, and those under which this proposition was made last year. The question then was, and it was a question well worth considering--whether if they conti nued the system of 1/. notes, it would not be right to. apply some check of this description. But let them consider what the House had just now done. They had resolved that at the end of thred years the circulation of all 11. notes should cease.-- When that proposition was made, it was suggested by some lion. Gentleman that the contraction of the currency would be (4)6 4 1 / 4 nioN iti .tob-rapidly e ff ected. He did not at fir;i atta h weighito flrfirstggestitin as they had since fofmt i in p i iat it Uft., served. The then endeavoured to,„stqlkly k a re. vt. f circu lating medium, by allowing the NOE of' iftglaifil to is e linall notes for six months longer. Why then was it not the neces sary effect of this clause to undo again what they had been so doing ? It would naturally make every Country Banker with draw all his 11. notes from circulation at once. He objected to It as inapplicable to the system they were destroying, and the destruction of which they now feared Would be too precipitate, not for the Country - Bankers, but for the interests of the country at large. Lord MILTON said, that if he had been attending his duty in the House at the first agitation of the question, he should have added one to that small band who opposed the introduc tion of the measure altogether. If his Majesty's Ministers had taxed all the resources of their minds, they could not, in his Opinion, have discovered a measure more injurious to the user candle interests of the country, or more destructive of general confidence. The measure was directed against that maligned class, the country bankers—not the unsubstantial speculator, whose circulation greatly exceeded his capital, for they were all swept off in the storm before Christmas—but those whose real and extensive properties were now being destroyed. The storm had not yet passed, and he believai it had not reached its height. Lord A. HAMILTON thought the time might be extended, but hoped his Hon.'Friend would persevere in the principle of the clause. After a few words from Mr. Hu= and Colonel JOHNSON, which were inaudible, the Committee divided— For the Clause - - - . - 19 Against it - . . - 163 Majority against the Clause . - --141 When the Gallery was again openeil, Mr. HUME was speak ing. He stated that lie held in his band four or five of these notes, which the Right Honourable Secretary had pronounced to be the permanent inconvertible currency of the country. The notes were of the value of 51., belonging to the banks in Warwick shire, and payable only in London. He would only ask whe ther person who held these notes were to be compelled to ex pend the value of one of them in bringing it to London for new to give an account of the amount of one and two pount. notes. Such accounts were constantly called for during the continuance of the Bank restriction. These accounts were not called for to gratify curiosity, but because they were supposed to constitute a check upon the Bank, and to afford a satisfac tion to the public. The more Publicity, the more stable would the bank become, probably in fact l but certainly in public esti 'nation. lie did not urge this invidiously. If it were advan tageous that an account should be given of the one and two pound notes, the least considerable part of the Bank currency, it was surely still more desirable that equal publicity should be given to the amount of the more important part of its its issues. Besides, as account was now rendered annually, and if that were considered beneficial, upon what principle object to an ac count twelve times or fifty times in the year ? The CHANCELLOR of the EXCHEQUER said, that the lion. Gentleman was much mistaken in his idea if he thought that there was any analogy between the period of the Bank Restriction Act and the present time. The Bunk was com. pelled by Act of Parliament during the restriction to furnish periodical returns of the amount of Its notes in circulation ; but when the return to cash payments took place, that provi sion of the law was repealed. He well remembered the Hon. Member for Penryn saying, that give him a repeal of the Bank Restriction Act, and he did not care a farthing about any account of their issues. His lion. Friend had well argued that by fre. quent periodical returns of the Bank 'issues; unfounded alarm might, in certain circumstances, be created. lie would not attempt to press that argument further ; but there was another point of view in which theSe regular returns might be thought still more dangerous. Ile would not contend against the right or the expediency of demanding such returns in special circum stances; lie was only now insisting upon the danger of fro. quent regular periodical returns. If it should happen, as undoubtedly it might happen, that a considerable increase of circulation should coincide, in point of time, with a rise of the exchanges, would not every body certainly cry out that the circulation had been too much narrowed ? Would not a most r. CA LCltArt had been informed that - the Commis. shiners of Stamps had retbsed to refund the money, but had offered other stamps in exchange. The CHANCELLOR of the EXCHEQUER said, that in this case they ought certainly to return the money. Mr. HUME would propose a clause to give a summary're• medy to the holders of Country Bank notes, in case of the issuers refusing or neglecting beyond a certain period after application to pay them in tile current coin of the realm. At present the holder of such notes stood in the same situation as the holder of a commercial bill, or promissory note. The Hon. Member began to read his clause, when The CHAIRMAN interrupted him, by saying, that he could now only state the substance of his clause, and that it would be read when brought up. Mr. HUME then repeated his former statement of the sub. stance of his clause, adding, that after the lapse of seven days, it would empow er Magistrates to issue a warrant of distress against the goods and chattles of the banker on the application of the holder'of notes. The CHANCELLOR of the EXCHEQUER said that the object of the present Bill was to place the law with regard to bankers upon precisely the same footing as it stood previous to the Bank Restriction Act. It was at the period of the Bank Restriction that the circulation of small notes first began, and then also the summary remedy was first given. If they were called upon to do it upon the ground of its having been the antecedent law, they were called upon to do it on false grounds ; because no such law did exist before the Bank Restriction took . , place. He did not see why the creditor of country bankers should have such an advantage over other creditors in the means of recovering his debt, as to be able to proceed by summary process. No such law existed before the Bank Restriction, and the want of it was never said to have been found an evil. He did not, therefore, see the necessity of passing such a clause. 111 r. HUDSON•6I LIRNEY objected to the clause. Colonel JOHNSON made a few observations which we could not hear. ~oging payment. He should move a clause to remove such an evil.— He then moved a clause for enacting that all promissory notes, issued by banks or banking companies, should be made pay able at the places wh ere th e y were issued. Mr. USKISSON said, that if the Hon. Member had not interrupted the business of the H ouse on a f ormer n i g h t , h e (Mr. Huskisson) should have stated his intention to bring up a clause to effect this purpose. Until the other night he was not aware that any such notes were in existence. Through inad vertence he had left the clause behind him, but it wotild be to the effect that it should not hereafter be lawful to issue a note for any aunt under 201. without making it payable where issued. If this evil were not provided against, the object of the whole measure would be defeated. Mr. CA LCRAFT assented to the propriety of such a clause. Mr. IRVING said, that the alteration ought not to apply to notes now in circulation. Mr. HUSKISSON said, that was not intended. It was only meant to provide that no more such notes should be issued when the circulation 'of small notes ceased. Mr. lIENETT said, that such notes ought to be made pay able in. London as well as in the places where they were issued. Sir J. WROTTESLEY called upon the Right Hon. Gen tleman to pause in the changes lie was proposing, and to take the advice of practical men who were better informed than hi had ever attempted to make himself upon the subject. If he inquired of the Officers of the Excise and Customs, be would be informed that the revenue and rents were all collected by the means which he was destroying. Mr. HUSKISSON said, that if the Hon.• Baronet's appeal referred.to any rashness connected with this clause, he had the satisfaction to inform him that such means of paying rents and revenue as the notes under their consideration was unknown to three-fourths of the country. If, therefore, there would be a dangerous evil in removing them, it would be one which al ready existed very generally. He did not mean to prevent the notes of country bankers from being made payable London, 3: place. - - hey liked: '- inconvenient and injurious stimulant be thus applied P It had been asked, why then require a teturn of small notes? The simple answer was, that by this Act they were making n dis tinction with regard to small notes between the Bank of Eng land and all other Bunkers. He had been averse to this mea sure, and nothing bttt the necessity of providing against con tingencies which might probably arise, could have reconciled hint to it. The sante grounds for culling for an account did not exist with regard to the description of currency in the issue of which the Bank of England was left upon the same footing as all other Bankers, He objected to these returns, on account of their tendency to produce atone time unreasonable alarm, and, at another, such an unwaranted deree of confidence, us might lead to a dangerous and improvident exclusion of the cur, reney. Dl ORF' Mr. BIiAIiTMONT (we believe) said that be could ace no difference between the debt of a Country Banker and that of any other individual which should warrant a difference in the law. If thisclause Passed he should propose another by which every man who had a shoulder of mutton from his butcher and did not pay hint should be liable to summary Process. — (Hear ! and a laugh.) Mr. MONCK supported the clause. A poor man had no re medy against a Banker if he could only proceed byuction. The clause had been repeated and continued in every successive Act since the restriction, and if it were now left out, the measure would be the very reverse of a return w a metallic currency. 11Ir. Alderman IIBY(lA TE defended the Country Bunkers, and said they had been driven to the issue of one pound notes, which was the most expensive, the most inconvenient, and the or in as many places as they liked; but they would be corn. polled to make them payable at the places where they were issued. Sir M. W. RIDLEY bail not been aware that any such practice as issuing 61. notes only payable in London exited. Mr. S. RICE expressed. his disapprobation of the form of the notes of the Bank of Ireland. Mr. ATT WOOD said that Ministers had departed from the principle of their measure, by the clause which admitted the small notes of the Bank of England to circulate. The same pro position was rejected by a large majority, an d t h en carriefl by one equally large in less than 24 hours. Mr. MANSFIELD denied that notes of the description produced by the Hon. Member for Aberdeen were generally circulated in the midland counties. In Leicesteralure there was no such thing .. ns a 81. note issued that was payable ~:;NFELL had been in the habit of moving an nually for the returns now made by the Bank to the Stamp. office, and in that practice he should persevere. He did not see any impropriety or unfitness of the clause as a part of the present 13111. Mr. PEARSE Raid, that the Bank on its own account, had no objection to publicity; hut he thought it would be perni. dons in a public point of view. During the restriction, they furnished such returns, but it luid been thought that the obit. gation to pay their notes in specie, constituted in itself a sufli. cient controuling power. He had no wish for privacy, hut he apprehended great public mischief front the clause. Members were not generally aware, with what anxiety the annual publi cation now made was watched for the purposes of speculation. He, front being aware of this, dreaded the effect of more fre quent publications. Mr. HUME was surprised to hear that the frequency or fullness of disclosure could excite alarth. He thought great errors prevailed on the subject of Bank issues-30 millions might be necessary on Monday, and only 25 on Saturday. He wished for frequent publications if' it were only on account of the data they would afford for the correction of prevalent errors. As it was admitted that the state of the exchanges ought to regulate the Bank issues. - Mr. PEA RSlrditi not admit that. Mr. HUME was sorry to hear it. He had been in hopes that the Bank Directors had by this time learned what was knOwn to all but. themselves. The Bullion Brokers were not so slow in making the discoveries which appertained to their own interest. Ministers said it was their intention to place the banicing business upon a better foundation, he should there fore move a clause, after this was disposed of', to compel country bunkers to furnish to the Stamp Office monthly an account of the greatest number of notes - they had in circulation during the preceding month. • Mr. HUDSON GURNEY wished the Bank to devise some mode of communicating regularly to the public the amount of their notes in circulation, on account of the influence It had upon prices ; he did not, however, think it lit that a compulsory clause to that effect should form part of the present measure. • The CHANCELLOR of the k.XCHEQUER thought their time would be sufficiently occupied by the discussion of the dis tinct propositions which Bon. Members had to make, without attempting to appreciate projects in embryo. Mr. CA LCRAFT would be satisfied with the undertaking of his lion. Friend, the Bank Director opposite, who was cer tainly the most candid Bank Director that had ever sat in that Howie. Upon such an undertaking, he would advise his Hon. Friend to withdraw his motion. Mr. MONCK had not a good opinion of a system of secrecy; it was under such a system that the calamity bad befallen the Bank in 17.7. Mr. Secretary PEET. thought the circumstances which ex. isted at the period of the stoppage of payment by the Bank furnished the strongest argument against time clause. If such publications as the clause contemplated had been made at that time, the inference to.which they would have led would have been entirely fallacious. Some time previous to that event the Bank notes in circulation had become 11 millions, but in that year they had been reduced to eight millions. He thought one of these two systems ought to be adopted, either that of' secrecy or of full disclosure —partial disclosures could only be mischievous, and the numerical amount of bank rotes, with. out information as to other circumstances would be crily a par tial discloSure. The Hon. Member for Montrose had spoken of the Speculative errors of pamphleteers, he apprehended that the success of the proposition now betbre the House would lead to still more dangerous errors on the part of a different class of speculators. Mr. H. 0-- least profitable part of their business. Mr. WARRE said he believed that Country Bankers issuer, 11. notes for their own profit and advantage, or they would not have done it. He thought a distinction ought to be drawn be tween a promissory.note, as currency, and w promise to pay in a coin non case of debt. He did not know whether it wou ld h e prudent to go the length of granting the power of summary pro. cess, but he trusted that the Government would consider the subject. Sir It. WILSON thought the power of proceeding by sum. mary process ought to exist, but not after so short a period as seven days. Mr. HUME asked the Right Hon. Secretary for Foreign Affairs ' whether, after the pathetic manner in whi c h h e h a d described the sufferings of the poor, when this paper became useless, he would now leave them with no other remedy than that of a process by which they could recover after the expiration of six months, and at an enormous expence ? Lord A. HAMILTON supported the clause, as involving the principle of the measure. The object was, not to allow country banks to issue notes not payable on demand. It' they did not adopt the clause they d e p arte d f rom that principle. It was a mockery to compel a man to resort to an action at law to recover the value of one pound. Mr. MONCK said, that if the clause were not adopted, they should leave the holder of the one pound note in a worse skim tion.than he now was. From the year 1797 down to 11123, every succeeding Act of Parliament had contained it. Country bankers had no right to complain, because they were not bound to issue one pound notes at all. If they chose to do so, it must be upon the conditions imposed by the law, and take the bad with the good. Mr. ABE RCROMBY said there was no novelty in the pro. position of his Hon. Friend. It was suggested to the House last year, and he then gave it his support ; and it was to avoid the appearance of inconsistency that he now desired to explain why he should give a contrary vote. The circumstances of the two periods at which the proposition had been made were entirely different. They bad just now resolved upon a measure abo lishing the circulation of small notes, and a complaint had arisen that the contraction of the currency was going on too rapidly. Now the effect of this clause, as it appeared to him, would he to increase the rapidity of that contraction. He did not object to its principle, but he thought it objectionable under the present circumstances of the country. Mr. HOME DRUMMOND said that this law did exist in Scotland, and that it added to the stability and value of the one pound notes. But he felt the objection against adopting it in this country, that it would be at variance with the general law for the recovery of small debts. Mr. HUM E said, that there might perhaps be some men. sion of the time for bankers living at a great distance from London. But he should divide the House to see who voted with him, and he was sure he should have all the country bankers.—(A laugh.)-41 they refused to pass the clause, Cobbett might well boast of the triumph of the Gridiron, for there would no longer be a metallic currency in the country. —He called upon the Committee to support him, and he was sure that every solvent banker would do so.—(Laughter and cries of "Order.") Mr. R. MARTIN rose to order. The Hon. Member had made use of several unwarrantable and indecent expressions. —(Cries of " Order," " Chair," and great laughter.) Mr. BROGDEN said that the Hon. Member made use of more unparliamentary language than the other Hon. Member whom he rose to call to order. Mr. MARTIN appealed to the House whether any thing could be more indecent than to stigmatize those Members who were country bankers, and did not vote with the Hon. Mem ber, as by ' ' aye. only in London. The Hoti. Member could not conceive what ad vantage it would be to the • banker in the country to have his notes payable in London only. If payment of a 51. note was required during a panic such as they had lately witnessed, be must be a bold man who refused to pay it. Sir JOHN WROTTESLEY was not acquainted with any banking establishment in the midland counties which did not pay their notes at the place where they were issued. Air. Secretary CANNING rose to explain some points al. luded to by the Member for Callington. He had said that the country bankers would resort to the means of avoiding the measures introduced by Government. If the Hon. Member for Callington would have the full explanation, he should have it. The Right Hon. Gentleman added, that be never expected the country bankers would have withdrawn from circulation their bank note, but they did so, and for that cause Government ap plied the remedy. Mr. HUDSON GURNEY said he could answer for the bankers with whom he was acquainted, and the bank to which his name was attached, that they had never withdrawn a single note from circulation out of opposition to the measures of Government. It had appeared to the bankers that the suspen sion of stamping country bank notes was a discredit to their circulation, but there was no hostility towards the Bill. The drawing in of the country bank notes was occasioned by the run upon the banks after the notes had been depreciated by Government. Mr. MARTIN spoke in favour of the country bankers. 51r. CALCItA FT said, he did not wish to inquire whether his Majesty's Ministers were consistent or inconsistent on that occasion. He rose to protest against the censure which the Right Hon. Gentleman had thrown on country bankers. lie denied in positive terms that there had ever been any intention on the part of those bankers to withdraw their notes from cir culation. -The cause of withdrawing those notes existed before the meeting of Parliament, and at the mee t i ng t h e measures of his Majesty's Government had the effect of crying down the currency. It was not in consequence of any ill dis pesition of the Country Banks towards the measures of his Majesty's Government, but in consequence of the impu tation thrown on those banks by the Earl of Liverpool, the Right Hon. Gentleman, and his Majesty's Government. The panic had subsided, and there was reason to suppose credit was coming round, when the measures of Ministers cast an odium on country bank paper, under which no prudent man would send it out again. Mr. SYKES protested against the charge made by his Ma jesty's Ministers. He was sure the country bankers did nut deserve it. Mr. ATTSVOOD wished to advert to the statement made by the Right Hon. Gentleman. It was so much at variance with what every man of business knew of Banks, that it wasscarcely possible to believe such an opinion would have entered the mind of any one who legislated on the subject. Alderman HE YGATE said a few words upon the custom of bankers in the City of London. Mr. IRVING opposed the Amendment. Mr. CALVERT said, if there had happened any reserva tion with respect to - the circulation of country notes, it had not been with a view to oppose the measures of his Majesty's Go vernment. He knew It was the opinion of country bankers, that as the measure had been brought forward, they ought to co-operate and complete it. They thought the sooner it was done the better.' Mr. Secretary CANNING said nothing could be more satis factory than the statement of the Hon. Gentleman who had just spoken. He begged the Committee at the same time to observe 'at it appeared upon all the statements by Gentlemen who had ,ett ition in so 1, tone of _..... .itinsrEv made an obsen .-, acing insolveni. delivered their opinions, that the measures proposed by Go. voice as to be inaudible in the gallery. The CHANCELLOR of the EXCHEQUER said, t h at vernment had not madeany considerable alteration in the Cur. Mr. ABE RCROIIIIIY thought they were disputing about nothing could be more disorderly than discussing for two hours re ncY• very little. The publication of the a mount of sma ll no t e s wa s whether a Member had been out of order or not. He was sure M s il a i i o d n he tr os should ut the move, clause w h i e th th wished e t o consent pro this r. C. WILSON said three banks wi t h w hi c h he was tic. already provided f or by th e Bill ; an d th a t of th e total amount the . Hon. Member for Ab er d e en would see that his lan guage quainted, but not connected, bad s t oo d lirin, not w i t h standing in circulation was, und er the ex i s ti ng l a w, furnished annually. hailbeen somewhat di sor d er ly, because it imputed an int erested their notes were payable where they were i ssued. lie further objected to the clause, as it appeared to him to re- motive, that of conceal i ng their i nso l venc y, t o t h ose G entlemen cognize the B a nk i n t h ac h aracter of trustees f or t h e pu bli c . In who did not v e t © with him. the charact e r h e would never recognize that corporation. Mr. HUME admitted that his words might perhaps ha ve int. pose. There certainly had been a determination M H r. o H n. U lt S le K m l b S e S r ° fo N r on the part of Mr. MABBRLY did not consider the Bank as a trustee for' plied more than he meant them to do. country bankers to withdraw their notes from circulation, and the public :. but be neverthel ess th oug h t t h at , a s a great corpo- Mr. CANNING said, that although he did not mean to ad. he said that, in irstification of the statement mad e b y hi s Ri g h t rate body, it ought to,be restrained from injuring the public.— vert to the particular expressions used by the Hon. Gentlemen , . Hon. Friend. iiclause provided, after the lith April, Itl:19 i when there would be ho one pound notes, that there should be n* notes issuable under 201. payable where they were issued. Mr. KENNEDY said, it was the practice of the Bank of Derby to make their five pound notes payable at Derby. Sir 14. W. RIDLEY said, the observations made by the :Right Hon. Gentleman induced him to state, that the Bank he was concerned with, and others in the North, were nor among those to which the Right Hon. Gentleman alluded. He could assure the Right Hon. Gentleman, that instead of withdrawing their circulation, they found it necessary to extend it. Their object bad been to increase their culation tether than with draw it. Mr. HUSKISSON said, the Bank in whiCh.the Hon. Bro. net was concerned formcd no part of the benks\eThided to. t Mr. DENMA3 said, hie h$ occitalotito knqw that the banks of Nottingham and Linethishire paid their tiotes *here they were _issued. Mr. HUME then consented to withdraw his amendment, and Mr. Huskisson's was substituted and carried. Mr. HUI%IE then brought up another clause, that all banks should make a return every month of the number of Bank of England and country notes they had in circulation. The CHANCELLOR of the EXCHEQUER did not feel any positive objection to some arrangement of the kind pro. posed, but he should have been better satisfied if the Hon. Member had not introduced it at that particular time. It was not his wish to aggravate any unpleasant feeling among the country bankers. There might be some advantage in return. ing an account of country bank circulation, rather than taking it from the number of stamps, but it was important to thepub• lic to get rid of the specific evil pointed out by the Bill, before they attended to every speculative improvement in the banking system, His hope was, that the Hon. Member would not perseveTe in his Amendment. Mr. HUME said the Right Hon. Gentleman could not do more evil to the Country Banks than he had done. Howeve4 he should withdraw the amendment. Mr. MONCK proposed a clause to give the holders of one pound notes a preference in cases of bankruptcy. Every poor man holding a one pound note, was to be considered berme all other debtors. and receive 20s. in the pound. Mr. BICKFORD could not avoid expressing his utter sato , nishmt nt at the clause proposed to be introduced into the Small Note Bill by the Chancellor of the Exchequer, more particu• larly after the very strong language that Right Hon. GerElJ.. man and his Colleagues bad used in reprobation of the a nail notes. It appeared to him (Mr. R.) to have for its ol je Ato transfer the power of issuing small notes from the country bankers to the Bank of England, and ultimately to perpetuate the issue of them. Mr. It. would not trespass at that late b-ur of the night upon the patience of the House, but content him self with asking the Right lion. the Chancellor of the Exche quer whether it was his intention to make Bank of DOJO . Notes a legal tender from Country Bankers in paymentetindr own Notes ?—[To which the Right Hon. Gentleman answered, " Certainly not."l—Mr. R. then observed, that in his judge ment the measure was altogether nugatory and absurd, IT: much as the Right Hon. Gentleman co u ld n ot supree a " Country Bankers would hold Bank of England Paper Which would not be available to them in case of emergency. The CHANCELLOR of the EXCHEQUER how the Hon. Member could r easona bly p re fer one creditor to another. cou ld not see The clause watnegatived without a 'division. The Bill then went through the Committee, the House re. Burned, and the Report was ordered to be received to-morr ow ' The other Orders of the Day were then disposed of. The CHANCELLOR of the EXCHEQUER exPre"„ a wish that the Hon. ,Member who had given notice of 3171°- ;"/ upon the Speaker leavin g th e Ch a i r to go into a Coloont tee _ Supply', would fix some oth er d a y t h an F r id a y next, in o rde r that the Army Estimates mighttot be impeded. Mr. AIATIERLY consented to make his motion on Monday next. Mr. HuME postponed his motion to Friday. Mr. BROUGHAM also postponed his motion to Friday. CRUELTY TO ANIMALS. Mr. R. MARTIN wished to read his Bill on the subject of Cutting and Maiming Animals a second time. The ATTORNEY GENERAL havingexpressed a wi sh t f, have the second re a di ng p ostpone d, t h e H on . M em ber colleen' ed to put off the second reading to Thursday. Sir G. CLERK moved for a Return of theiNumber established in Scotl an d, w hi c h h a d i ssue d notes r bearer on demand, di st i ngu i s hi ng t h e c h artere d f r om the tul• chartered Banks.—Ordered. Mr. GOULBURN b roug h t i n a B i ll to regu l ate Prisons i in Ireland, which was read the first time, and ordered to be rim" second time on Monday. Mr. GOULBURN also gave not i ce o f hi s i ntent ion to briPg in a Bill to regulate the Puni s h ment of Hard L a b o ur the Prisons in Ireland. The House adjourned at Twelve o'cl oc k. p ayable enktos LIST OF THE MINORITY Of Nine who voted for Mr. Ilumea Amendment. Baring, Sir T. Mabel - ly, Major Webb, Colonel Burdett, Sir F. 3lonek • J. B B. • TELLEns• Knight, R. Palmer ' C. F. Hobliouse, J. C• Lloyd, S. Wo o d , Alderman Hume, J. LIST OF THE MINORITY. Who voted for the Clause proposed by_ Mr. Hume. Burdett, Sir F. Knight, R. Webb, Colonel Denman, 'l'. Leader, W. Warre, J. A. Evans, Wm. Leicester, IL White, S. Griffith, J. W. Al au l e , Hon. W. Wood Aldan]Au Hamilton, Lord A. M onc k, J. B. Wilson, Sir 11- Hobhouse, J. C. Nugent, Lord TELLE R ` Johnson, Col. Sykes, D. Hume, J. POLICE INTELLIGENCE. BOW-STREET.—(THts DAY.) Sitting Magistrates Sir RICHARD IhrtNlE and G. R. MIN• SKULL, Ee'4q. (In consequence o f t h e cont i nued i n di spos ition of Tho m Hall, Esq. who would ot h erw i se h ave pres id e d as on this day.) the Bench BARRISTERS' mo N T l r G o i ,,, i:e s. C E H d A ga ß r GE 3 s io . ntatru and ha . c flea Walters, Esq u ir es an d B arr i sters at Law, were a t issue W i tte sundry watchm en , coac h men, and a waterman o f th eneig h' bourhood of St. Clement Danes, for assault and battery- L ai that The driver of the hackney coach No. 333, der."'" 3lr. Walters drove his head violently and without proscrei tion against the panel of his carriage, at half-past two °9 on a spree with two frienda, and that inebriety this morning. T'he Waterman corroborated the evidence. been Mr. Walters confessed to the hour, admitted baying Im. probuble consequence, whence it followed as fairly i n Essen that the alleged assault might have been committed. „ e of Mr. Montague was acknowledged by Mr. Walters, as °" his spree companions on the occasion accommodation, to. ex.. G. It. AIINSHULL, Esq. advised an,,eo pressing his determination otherwise of holding Mr. NY' ll ` to bail. In a few minutes the coachman declared himself sati'li ed " gr. G. B. .111Nsuutt., Esq.—Then you are discharged , • Walters. a.... 1 .—lt Mr Montague then had to undergo • lir or.---• a stint • , watchman of St. Clement Danes swore, that the learned barris ter, conjointly with a frail fairfone, violently assaulted Win as into ' past two o'clock this morning ; he therefore took them custody,. and safely lodged thou at the watchehouse, leav ing; them in charge of Langticld the night constable. Ili o n' Langlield swore, or was prepared to swear, that Mr. , e tague was not the man who was given into his custody by tu: watchman. Watchman—Why you know he offered us a 61. country note to let him go. le if this Sir RICHARD litnNlE—Pray, Mr. Night-constab , gave t he was not an .iid is not year prisoner, who it appears from your book the . called Caroline Hayward ? bailed him out. Langtield—Why this gentleman and another Montague is also Sir RICHARD BinNtx—Well then, Mr. that " John Brown," for from your entry of bail it appears c name of " John Brown," where is he ? and where is girl the prisoners " John Brown" and he same names. There bailed by two persons having exactly t t for you totally unfi t is in this evident collusion, and I cons ider Sir, use every I s h all the office you hold ; you may depend , exertion in my power to remove you from your situa tion. your is wife, Watchman —lle said the young woman was h Worship; and "Caroline Hayward" were. matter,. .. . a diterres succeeded in his motion for the discharge of the " John Brown." . Eventually the Learned Gentleman arranged the The OLYMPIC TIIEATRE, OLYMPIC which is held unde rthe Earl of CRA VEN f or 40 years, at a gr ound " rent of 1001. per ann um , was sold yesterday 11 Mr. Robins for 4,860 g uineas to Mr. Sc oT P formerly propri e t or o f th e Adelphi Theatre. 1.11 the purchase w as i nc l u d e d a leasehold house In Craven-buildi ngs , an d ..tho whole of the scenery, machinery, properties, and wardrobe,